UK spent $500 million on bankrupt satellite operator despite warnings - Business Insider

The UK invested $500 million in a bankrupt satellite operator despite high-level warnings about huge financial risk.

However, a senior government official had warned that the deal was "unusual" and had "stark" risks, the Financial Times reports.Boris Johnson's government signed a deal with a satellite operator worth hundreds of millions of pounds despite the company being bankrupt and a senior official warning that the UK could lose all of its investment.

The department's then-permanent secretary Sam Beckett said in a letter: "While in one scenario we could get a 20 per cent return, the central case is marginal and there are significant downside risks, including that venture capital investments of this sort can fail, with the consequence that all the value of the equity can be lost."

Darren Jones, Labour member of Parliament and chair of the UK Parliament's business committee, said: "This near half-a-billion-pound investment using taxpayers' money seems to have been purely a commercial decision by Downing Street without any assessment of value for taxpayers' money or agreement from experts about the technical capability that OneWeb offers the UK now that we've lost access to European Union satellites.

Tories fail so hard there should be a special word just for them.

JaneEJuanita Did it really? Or would we find that 90% of it went into ERG & think tank coffers, like an over priced plane paint job, a non existent test & trace system and a horse-racing sponsor providing ‘capacity’ of 200k believed-faulty Covid tests?

chunkymark I wonder what % of this will find its way into Tory party coffers as donations ? 🤔

chunkymark The country is being run by kleptocratic shysters and Labour turns in its own supporters!

hugh_canning Talk about 'spaffing money up a wall' in Johnson's crude and vulgar phrase! This govt has been hurling money at every con artist and snake-oil salesman who turns up with their hands open and telling some tall story!

chunkymark So, whose family owns the company?

chunkymark Cui bono, Borisconi? 😬

PhilipCJames That would pay a few nurses wages

Classic Dom.

Hello there! Do you want to learn Spanish/English while reading inspirational quotes and phrases? Follow us and find the best tools for self-empowerment! empowerment inspiration MotivationalQuotes

Classic Dom ! Good to see Chris Grayling isn't involved this time. This is what an 80 seat majority brings

Can we at least name it Saty Mac Satellite Face

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

Inside the life of a pregnant mental health counselor during COVID-19 - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. No one cares.
Источник: BusinessInsider - 🏆 729. / 51 Прочитайте больше »

Best businesses to start despite the 2020 pandemic and recession - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Источник: BusinessInsider - 🏆 729. / 51 Прочитайте больше »

Business Insider's best investing stories of the week ended July 21 - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Источник: BusinessInsider - 🏆 729. / 51 Прочитайте больше »

Tesla stock soars on profitable quarter despite coronavirus shutdowns - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Hey S&P 500 .50 cent profit ..... hmmm why’d they go and make elon look like he has down syndrome
Источник: BusinessInsider - 🏆 729. / 51 Прочитайте больше »

Paycheck Protection Program saved up to 3.2 million jobs during pandemic - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Right. But how much more aid could have been effectively delivered and additional jobs saved if the program had the necessary oversight to assure proper and appropriate distribution of money? Are there any available stats on that? 😂😂🤣 nice cover for a giant robbery Would have saved a whole heck of a lot more had more of the PPP funds really gone to small businesses, rather than to Trump's rich and/or religious friends. But let's not forget how much of it went to Trump's organizations, and Congressional Republicans too.
Источник: BusinessInsider - 🏆 729. / 51 Прочитайте больше »

Warren Buffett just bought $800 million in Bank of America stock - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Thank you. God bless. Means alot. He knows banks will make money off of crypto trading fees and custody services In the future Clever
Источник: BusinessInsider - 🏆 729. / 51 Прочитайте больше »